Stock market analogies - P/E ratio and bear market

Found this interesting analogy by  Troy Bombardia on newtraderu blog (read full post here)

The stock market’s valuations are high, as they have been for years. But valuations alone do not cause bear markets. Recessions cause bear markets. A recession is like jumping out of the building, and valuations are like the floor from which you jump out. Jumping out of the building causes the damage, the floor from which you jump out determines how much damage.

High valuations + recession = big bear market

Low valuations + recession = big correction